Tenaga confirms Techventure?s intention to control S. Kalimantan coalmines

Malaysian state electricity firm Tenaga Nasional berhad (TNB) on Tuesday confirmed on Tuesday that it had received fresh offer from TVB Global Marketing Sdn Bhd , a subsidiary of another Malaysian firm Techventure Berhad to acquire TNB?s entire 70 percent stake in TNB Coal International Limited (TCIL) for full cash consideration.

?TNB will have to consider and evaluate the new offer separately,? said TNB in a release to Malaysian Stock Exchange.

TNB had received similar offer from Techventure on March 2004 and had entered into Memorandum of Agreement, which will lapse on September 8, 2004. TNB said it had let the MoA to lapse, as under the deal Techventure offered to pay the proposed acquisition by issuance of new shares in Techventure.

Techventure had also made similar offer to a Malaysian individual which controlled 30 percent shares at TCIL.

TCIL, through its subsidiary P.T. Dasa Eka Jasatama (incorporated in Indonesia), is principally involved in the business of a mining contractor which includes mining, producing and transporting coal from several mine sites in South Kalimantan, Indonesia. TNB Coal's subsidiary holds the exclusive mining and marketing rights to mine, exploit and sell coal extracted from five concession areas in South Kalimantan.

TNB Coal is presently supplying coal to TNB Fuel Services Sdn Bhd, a subsidiary of TNB under an offtake contract dated 30 December 2002, for a period commencing from 1 January 2003 and is deemed perpetual until coal reserves are exhausted.(alex)